Cost of Living Highlights November 20: The cost of living is basically the amount of money one needs to survive in a given place - and one's most essential needs such as food, water, housing, taxes, cost of commute, healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket. Since the Russia-Ukraine war broke out, the cost of raw materials and commodities has gone up. This has increased India's payments outgo for oil, gold, and other commodities.
Fuelled by rising food inflation, the retail inflation for agricultural labourers and rural workers increased marginally to 7.08 per cent and 6.92 per cent in October, respectively, from 6.70 per cent and 6.55 per cent respectively in September 2023, said labour ministry in a statement on Monday.
Food inflation stood at 8.42 per cent and 8.18 per cent for Consumer Price Index for Agricultural Labourer (CPI-AL) and Consumer Price Index for Rural Labourer (CPI-RL) in October 2023 compared to 8.06 per cent and 7.73 per cent respectively in September 2023. The values of CPI-AL and CPI-RL came in at 7.05 per cent and 7.00 per cent respectively during the corresponding month of the previous year.
Food inflation of farm, rural workers increased marginally in October
October witnessed a marginal rise in food inflation for farm and rural workers. The Consumer Price Index for Agricultural Labourer (CPI-AL) and Consumer Price Index for Rural Labourer (CPI-RL) in October 2023, stood at t 8.42 per cent and 8.18 per cent respectively in October. THe values stood at 8.06 per cent and 7.73 per cent respectively in September 2023 and 7.00 per cent respectively during the corresponding month of the previous year.
Till now, the All India CPI AL and CPI RL for October 2023 has increased by 25 points and 14 points respectively to stand at 1,241 points and 1,251 points respectively.
The major contributor of the rising inflation was due to rise in prices of rice, wheat atta, pulses, vegetables, milk, onion, chillies (green), mixed spices etc.
Retail inflation for farm, rural workers rise marginally in October
Owing to higher food prices, retail inflation for agriculture labourers and rural workers increased marginally to 7.08 per cent and 6.92 per cent in October against 6.70 per cent and 6.55 per cent respectively in September 2023 due to higher prices of certain food items, reported PTI.
Point to point rate of inflation stood at 7.22 per cent and 7.34 per cent in October, 2022 according to labour ministry data. The inflation rate was based on CPI-AL (Consumer Price Index-Agricultural Labourers) and CPI-RL (Consumer Price Index-Rural Labourers).
Oil prices rally amid focus on OPEC meeting
Amid speculations about the outcome of OPEC meeting scheduled for weekend, Oil prices rose above $81 a barrel in London, reported Bloomberg. Traders are keenly waiting to see whether the OPEC alliance led by Saudi Arabia will intervene or let the market forces decide the price.
Brent crude futures rose 0.7% after rallying 4.1% on Friday amid reports that Saudi Arabia and its allies could deepen production cuts when they gather next weekend. A Bloomberg gauge of the US dollar is heading for its lowest close since late August, making commodities more attractive.
Himachal Pradesh: State govt launches ₹680 crore startup scheme to generate livelihood under green initiatives
The Himachal Pradesh government is providing job opportunities to youngsters under ₹680 crore Rajiv Gandhi Self-Employment Start-up Yojna.
Under the first phase of this scheme, unemployed Himachali youth above the age of 23 years will be given a 50 per cent subsidy on loans to purchase e-taxis and e-buses with no collateral guarantee.
To buy an e-taxi of ₹20 lakh, a subsidy of ₹10 lakh will be provided. Moreover these taxis will be attached to various government departments.
A monthly income of about ₹40 thousand will be ensured, Chief Minister Sukhvinder Singh Sukhu said on Monday.
To align its target of making turning Himachal into a green state by 2026 with employment generation, the state govt is aiming to provide subsidy and quota in different green initiative schemes.
Top Samsung LED TV options for home
As the festive discount season continues to offer a range of products on discounted rates, here is the list of LED TVs for those who want to buy a Samsung TV. From Samsung 43 inch 4K Ultra HD Smart LED TV UA43AU7600KXXL to Samsung 138 cm (55 inches) 4K Ultra HD Smart LED TV UA55BU8000KLXL check the full list of top Samsung LED TVs here.
Offline beats online in retail sales of electronics
Brick-and-mortar retailers, who run multi-brand, multi-category consumer electronics stores across the country, are set to outperform online sellers this year—even as overall consumer demand remains low. For smartphones, the industry estimates peg sales from physical retailers to grow in low- to mid-single digit year-on-year (y-o-y), while online sales are seen either flat or showing a single-digit fall for 2023.
Industry stakeholders further said the growth in physical retail is more of a revenue growth, and not volume-driven. Read all here
Revenge travel takes the backseat as airfares soar
The days of revenge and pent-up travel days in India seem to be over. Data from the civil aviation regulator Directorate General of Civil Aviation (DGCA) suggests that the festive months are seeing a slowdown in air travel growth, which experts attribute primarily to higher fares.
In fact, data from travel portals suggests that airfares are up by 30-40 percent from December 2022 levels. Read more here
Salaries: 9-10% hikes may not help beat inflation
At a time of inflation, 9-10 percent hikes in salary may not help much with the cost of living. However, companies are striving to include tax-saving benefits and reimbursements to increase cash-in-hand for employees and help them make the best of increased salary packages. Read details here
Govt explores steps to boost affordable NBFC loans
The Centre is exploring options such as increasing the deposit acceptance limit for eligible non-banking finance companies (NBFCs), introducing deposit insurance, and creating a specific liquidity window for NBFCs, according to two officials. The goal is to lower funding costs, enabling NBFCs to offer loans to crucial sectors such as agriculture and micro, small, and medium enterprises, at more affordable interest rates, they added.
Besides agriculture, MSMEs are a cornerstone of the Indian economy, contributing 30% to gross domestic product, 45% to manufacturing output, and 48% to exports. But agriculture and MSME sectors are facing huge credit gaps. Notably, 39% of the 63.4 million small businesses have not availed loans through any formal channel.
Consequently, the government feels there is an urgent need to expand formal and affordable credit facilities via NBFCs if India has to become the third-largest economy by 2030, one of the two officials said, seeking anonymity. Read more here
The city gas sector may finally see some competition
Petroleum and Natural Gas Regulatory Board (PNGRB) Chairman Anil Kumar Jain said the regulator would soon roll out new rules to allow for multiple natural gas operators to compete in various markets.
This will give consumers the power to choose between various operators of piped natural gas (PNG) and compressed natural gas (CNG) fuelling stations in different markets, where single operators have been operating so far without competition. Read more here
Gold, silver price jumps ahead of US Fed meeting minutes release. Should you buy in this rally?
On account of the nosediving US bond yield and US dollar index, gold price today opened upside at ₹60,719 per 10 gm levels on Multi Commodity Exchange (MCX) and went on to hit an intraday high of ₹60,774 per 10 gm levels within few minutes of commodity market's opening bell today. MCX gold rate extended its rally after logging a 1.60 percent weekly gain last week as minutes of the US Fed meeting is expected this week. In the international market, spot gold price is oscillating around $1,982 per ounce levels.
Silver rate today opened downside at ₹72,997 and went on to touch an intraday low of ₹72,905 per kg levels on MCX. However, the white precious metal gained upside momentum at lower levels and registered a strong recovery from lower levels within an hour of the commodity market's opening bell deals. Silver price on MCX soon entered the positive territory and touched an intraday high of ₹73,310 per kg levels. In the international market, the silver rate today is around $23.75 per ounce levels.
Market experts said that the MCX gold rate today is in ₹60,300 to ₹61,200 per 10 gm range whereas spot gold price is in $1,960 to $2,000 levels. They said that the silver rate today is in ₹71,000 to ₹75,000 range on MCX whereas the spot silver rate today is in the $23 to $24.50 per ounce range. Read full here
Fuel price in metro cities on November 20, 2023 | Monday
Fuel rates are revised at 06:00 A.M every day. Since June 2017, fuel prices in India have been revised daily, and this is called the dynamic fuel price method.
PETROL (Rs/L) - 101.94
DIESEL (Rs/L) - 87.94
PETROL (Rs/L) - 96.2
DIESEL (Rs/L) - 84.26
PETROL (Rs/L) - 102.63
DIESEL (Rs/L) - ₹94.33
PETROL (Rs/L) - 106.03
DIESEL (Rs/L) - ₹92.76
PETROL (Rs/L) - 106.31
DIESEL (Rs/L) - ₹94.27
PETROL (Rs/L) - 96.72
DIESEL (Rs/L) - ₹89.62
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